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Cryptocurrency Tether enables a parallel economy that operates beyond U.S. law enforcement
By Angus Berwick and Ben Foldy
The Wall Street Journal
Tuesday, September 10, 2024
A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce.
Its name: tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily.
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In essence, tether is a digital U.S. dollar --though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments.
Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados. But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement.
Wherever the U.S. government has restricted access to the dollar financial system -- Iran, Venezuela, Russia -- tether thrives as a sort of incognito dollar used to move money across borders. ...
... For the remainder of the report:
https://www.wsj.com/finance/currencies/tether-crypto-us-dollar-sanctions-52f85459
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